AIRNET SYSTEMS INC. REPORTS IMPROVED 3RD-QUARTER RESULTS

AIRNET SYSTEMS INC. REPORTS IMPROVED 3RD-QUARTER RESULTS

   AirNet Systems Inc. has reported third-quarter net income of $2.1 million, up slightly from $2 million in the year-earlier period.

   Net revenues increased 4.6 percent to $35.3 million from $33.8 million for the same period a year ago, AirNet said in a statement.

   The company transported substantially higher volumes during the days immediately following the Sept. 11 tragedies. Rate increases implemented earlier this year also contributed to the third quarter increase, the carrier said.

   “While the national economy is anticipated to remain weak during the foreseeable future, most of our business is based on recurring need and therefore somewhat less susceptible to economic fluctuations,” said Bill Sumser, chief financial officer. “We anticipate that the company’s fourth quarter results will be similar to fourth quarter 2000.”

   AirNet Systems Inc. provides time-critical air transportation services for small-package shippers and banking customers to more than 100 cities nationwide.